Bitnomial, a Chicago-based derivatives exchange, is preparing to launch the first cryptocurrency spot trading platform overseen by the US Commodity Futures Trading Commission (CFTC).
The Chicago-based derivatives exchange’s self-certified rules went into effect on Friday, authorizing it to list both leveraged and unleveraged spot crypto products. The approval opens the door for customers to buy, sell and fund digital assets directly on a federally regulated commodities exchange, a first for the US market.
Caroline Pham, acting director of the CFTC, said in November that she was in talks with regulated exchanges about potentially launching crypto spot products.
Bitnomial’s approval comes as the CFTC accelerates its effort to place retail crypto markets under federal commodity supervision. Pham has argued that the agency already has sufficient authority to supervise spot cryptocurrencies.
The CFTC and Securities and Exchange Commission recently revealed that nothing in current law prevents exchanges registered with either regulator from listing certain crypto products, including those with leverage, as long as they coordinate with agency staff.
The approval could pave the way for other exchanges that have designated contract market (DCM) status, including Coinbase and prediction market venues like Kalshi and Polymarket.
